Does this matter? If prices are falling because of advancing productivity, as at the end of the 19th century, it is a sign of progress, not economic collapse. Today, though, deflation is more likely to resemble the malign 1930s sort than that earlier benign variety, because demand is weak and households and firms are burdened by debt. In deflation the nominal value of debts remains fixed even as nominal wages, prices and profits fall. Real debt burdens therefore rise, causing borrowers to cut spending to service their debts or to default. That undermines the financial system and deepens the recession.
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Economic collapse is not a risk.There is nothing to collapse.
经济崩溃并不构成威胁，因为根本就没有得崩溃。
The economic slumps that followed the collapse of the Soviet Union and those during the Asian crisis were not really depressions, argues Mr Eslake, because inflation increased sharply.
Eslake先生认为，那些苏联解体和亚洲金融危机后出现的经济消沉都不是真正的经济衰退，因为当时通胀猛增。
Most importantly, overall economic activity did not collapse and 2009 GDP growth is projected at 2.8 percent.
最重要的是，总体经济活动并未瘫痪，预计2009年GDP增长率将达2.8%。
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